Economics Markets

There are four types of economics market

 

1)Perfect competition:It is a market structure where many firms offer a homogeneous  product & there is no any restriction to entry & exit in a market, there are large number of buyers & sellers are present and need perfect knowledge of market .

Examples:1)Street food markets in developing countries.

                2)Agriculture commodities.

2)Monopolistic competition:In this market there are large number of firms that produce differentiated products and decisions of any one firm do not directly affect those of its competitors and there is no any restriction to entry & exit in a market.

Examples:1) Retail stores.

                2) clothing stores.

3)Oligopoly: It is a type of market with less number of sellers and there are few interdependent firms dominate the market , they likely to change according to their competitors.

Examples:1)If Coco-Cola changes their price, Pepsi also does.

                 2)Universities.

                 3)Supermarket.

4)Monopoly:It is a type of market where one producer controls supply of a good or services , it is single supplier in a market, seller faces no competition because he is the sole seller of goods with no close substitute.

Examples:1)Indian Railways

                 2) Letter delivery